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U.S. markets recover from steep losses
BOSTON, June 10 (UPI) -- The New York Times Co. is shopping around for a buyer for The Boston Globe, sources who said they were considering bidding on the newspaper said.
The Boston Globe reported Wednesday that the Times Co. had hired Goldman Sachs to oversee a possible sale. The Times previously hired Goldman Sachs to help it sell its 17.5 percent share of the Boston Red Sox, the newspaper said.
One of the potential buyers said hiring a company to explore interest in the Globe "doesn't mean they have said they are going to sell it. They've just said they are willing to entertain bids."
Executives at both newspapers declined to comment on the development.
"It's our longstanding policy not to comment on rumors concerning potential acquisitions and divestitures," Times Co. spokeswoman Catherine Mathis said.
Caught up in labor disputes over its intention to trim labor costs at the Globe by $20 million a year, many industry analysts concluded the Times was positioning the Boston newspaper for a sale, the Globe reported.
The 137-year-old Globe lost $50 million in 2008, the newspaper said.
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